UAE launches Youth Hub, an open trade incubator, to promote entrepreneurship
Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has launched the UAE's Youth Hub. Set to be the largest open trade incubator in the country, the Youth Hub initiative was launched by the Federal Youth Authority to promote entrepreneurship in the country.
The initiative will provide free spaces to entrepreneurs across the country, in trade centres, major malls, markets, airports, and other cultural and tourist facilities.
It will do so in collaboration with its partners, proving spaces in major destinations that are easily accessible, including Dubai Mall, Yas Mall, Dubai International Airport, City Walk, Al Seef, City Centre Mirdif, Last Exit Al Qudra and Last Exit Mad X on Sheikh Zayed Road, Al Safa Art and Design Library, Sharjah Heart Foundation, Union Museum, Flag Park in Ajman, Umm Al Qaiwain Mall, City Centre Fujairah, as well as all youth centres across the UAE.
In addition to the spaces being provided for free to budding entrepreneurs aged between 18 and 35 years, they will also provide key services and facilities, including guidance, mentorship, marketing, modern designs and more, to support the young entrepreneurs in launching their businesses.
The costs will be borne by the youth incubator, so as to reduce the risks and challenges for entrepreneurs, and help them concentrate on their business and building their strengths.
This initiative comes in line with the UAE government's focus on boosting entrepreneurship and the startup and SME sector. In partnership with key stakeholders, the initiative will also directly connect entrepreneurs's projects with potential clients, who will be able to evaluate and provide performance and product feedback for help them improve. This will also go a long way in helping entrepreneurs make key connections with potential clients.
The launch ceremony was attended by Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Sheikh Ahmed bin Mohammed bin Rashid Al Maktoum, Chairman of Mohammed bin Rashid Al Maktoum Knowledge Foundation, Mohammad bin Abdullah Al Gergawi, Minister of Cabinet Affairs and The Future, and Shamma bint Suhail Faris Al Mazrui, Minister of State for Youth Affairs.
More than 90 percent of businesses in the UAE are SMEs according to multiple sources; and 69 percent of employees recently surveyed by Bayt.com said they want to quit their jobs to open their own business. Reasons vary from wanting to be their own boss to having a better work-life balance. The Youth Hub initiative comes in like with the UAE's focus on accelerating its SME and startup sector. Such initiatives will certainly help many in their entrepreneurship journey to build a strong and scalable business model with reduced risk.
